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Project Pay Chain

  • Efficiently manage project payments by providing visibility & control over capturing progress and corresponding payment applications
  • Improved cashflow control through efficient contract management, leading to enhanced profitability
  • Collaborative platform to connect business partners across the value chain and to establish single source of truth

Challenges

  • Extensive manual reconciliation of subcontractor and contractor progress/payment applications
  • Vulnerability to data errors, extensive reviews and iterations involved before payment finalization
  • Harder for all parties to agree on a single source of truth leading to inefficient payment certification process and delayed payments
  • Lack of visibility w.r.t progress v/s payment, affecting working capital management, cashflow and profitability

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    Our Solutions

    Industry specific Contract structure set-up

    Industry specific Contract structure set-up

    Contracts such as Unit rate, Milestone, T&M types, holdback terms, Documents for submission, approvers and reviewers for approval cycles

    Sales Order - Purchase/Service Order Linkage

    Sales Order - Purchase/Service Order Linkage

    Helps in addressing peculiar scenarios such as ‘Pay when get paid’, ‘Implementing Back-to-Back clauses’

    Payment Applications

    Payment Applications

    Create and manage payment applications from start-to-finish, based on project WBS progress, workflows, holdbacks, etc.

    Change Order Execution

    Change Order Execution

    Increases/decreases to prime contract, change estimation, documentation, approval workflow.

    Compliance Document Management

    Compliance Document Management

    Generation and storage of lien wavers, insurance certificates, payment application templates

    Subcontractor Change management

    Subcontractor Change management

    Increases/decreases to subcontracts, quote collection, templates, workflow, etc.

    Billing back-up Document Management

    Billing back-up Document Management

    Amalgamation of all back-up documents required for any given billing cycle

    Benefits

    • Enhanced cashflow management due to better payment visibility w.r.t actual progress, leading to better profitability
    • Effective management of payment application process with reduction of manual reconciliation & iterations leading to improved productivity
    • Enhanced collaboration across value chain reduces data errors, improves response speeds, thus shortening payment processing cycle times
    • Detailed Profitability Analysis by comparing contract item wise incoming and outgoing payment